California Resources Corporation (NYSE:CRC) Receives Consensus Recommendation of “Moderate Buy” from Analysts

California Resources Corporation (NYSE:CRC) has received an average rating of “Moderate Buy” from the fourteen brokerages that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $73.50.

CRC has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their target price on California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 17th. Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday. UBS Group set a $78.00 target price on California Resources and gave the stock a “buy” rating in a research note on Monday, May 11th. Zacks Research downgraded California Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Finally, Mizuho boosted their target price on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th.

Insider Buying and Selling at California Resources

In other news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $61.68, for a total value of $734,423.76. Following the transaction, the executive vice president owned 171,331 shares in the company, valued at $10,567,696.08. The trade was a 6.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by insiders.

Hedge Funds Weigh In On California Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Federated Hermes Inc. lifted its stake in California Resources by 4.3% in the fourth quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock valued at $209,000 after purchasing an additional 195 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in California Resources by 14.6% in the fourth quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock valued at $75,000 after purchasing an additional 214 shares during the last quarter. Clearstead Advisors LLC lifted its stake in California Resources by 82.5% in the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 226 shares during the last quarter. iA Global Asset Management Inc. lifted its stake in California Resources by 4.4% in the fourth quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock valued at $243,000 after purchasing an additional 230 shares during the last quarter. Finally, Xponance Inc. lifted its stake in California Resources by 4.7% in the third quarter. Xponance Inc. now owns 5,301 shares of the oil and gas producer’s stock valued at $282,000 after purchasing an additional 237 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

CRC stock opened at $53.69 on Monday. The company has a market capitalization of $4.77 billion, a P/E ratio of -10.32 and a beta of 0.90. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55. California Resources has a 52-week low of $43.24 and a 52-week high of $71.98. The business has a 50-day simple moving average of $60.60 and a two-hundred day simple moving average of $57.20.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.88. The business had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The company’s quarterly revenue was down 87.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.07 EPS. Research analysts expect that California Resources will post 5.56 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, May 29th were paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, May 29th. California Resources’s payout ratio is presently -31.15%.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.